Archive 2016-94: New Hitchner Pratt Fishman Guide, A Consensus View – Q&A Guide to Financial Valuation – Select Controversial Issues Webinar
Webinar 94 Live Broadcast Date: March 1, 1:00-3:00 pm EST
VPS StraightTalk Webinar Series: New Hitchner Pratt Fishman Guide – A Consensus View – Q&A Guide to Financial Valuation
In this webinar Jim Hitchner and Jay Fishman will answer over 30 questions on four major topics: the income approach, cost of capital, discounts and premiums, and BV standards. Theywill give straightforward answers to your most complex questions.
Learning Objectives and Outline:
The participant will learn the answers to over 30 questions including:
- Income approach
- Is there ever a good reason to present both the capitalized cash flow (CCF) and discounted cash flow (DCF) methods?
- What do you do when you believe a DCF method is the correct method to use but may not be accepted in court?
- How do analysts use both the CFF and DCF methods to manipulate value?
- Is it correct to make depreciation and capital expenditures equal in a CCF model and the terminal year of a DCF model?
- How do you determine if your long-term growth rate is too high?
- What are the criteria for weighting historical earnings in a CCF method?
- Cost of capital/rates of return
- What’s better, the modified CAPM or the build-up model?
- How do you use the Duff & Phelps (D&P) recommended equity risk premium?
- Are the D&P CRSP subdeciles 10b, 10y, and 10z size premiums reliable?
- Can I rely on both the D&P CRSP 10th decile and the D&P Risk Premium Report 25th portfolio?
- What is the correct method to unlever and relever betas to account for differences in capital structures?
- What is the best way to use industry risk premiums?
- Is there an accurate way to estimate company-specific risk?
- Discounts and premiums
- Does illiquidity apply to controlling interests as well as minority interests?
- Are benchmark-type analyses using restricted stocks still valid for a discount for lack of marketability?
- Should I be using Mercer’s Quantitative Marketability Discount Model?
- Should analysts still be applying control premium studies, like Mergerstat, to value a controlling interest in a private company?
- Why should minority/control issues be addressed in the cash flows of the subject company that is being valued?
- BV standards
- Are oral reports the same as expert witness testimony?
- If I am a member of the ASA, can I pick and choose when to perform an appraisal in compliance with USPAP?
- Can a valuation analyst have an opinion of a calculated value in a litigation setting where the valuation analyst is an expert witness?
Information on CPE credits, refund policies, and complaint resolution can be found at www.valuationproducts.com/cpe.html.
This downloadable archived webinar package is an interactive video of the webinar with the original webinar handouts.
The format of the archived webinar package is an Adobe Presenter PDF file that allows you to view the video of the webinar with the synced audio so that you see the presentation just as it was presented “live.” The Presenter format also allows for easy navigation through the webinar so you can quickly go to a specific section in the presentation. The handout materials are included in the file. To view the Webinar Presenter file, you must have the current version of Adobe Reader. You can download the free Adobe Reader at http://get.adobe.com/reader